Three Essays in Financial Economics

130 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2005.In the last chapter, the quality of information produced by investment analysts is studied. In particular, newly available analyst forecasts of revenue per share are examined to assess accuracy and potential biases. Revenue forecasts are shown to be terminally unbiased, while earnings forecasts during the same period exhibit a significant pessimism bias. Evidence is provided that indicates the source of earnings forecast biases is management pressure to deflate forecasts, consistent with recent work on earnings forecast management.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD